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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, OCTOBER 29, 2015
BEA 15–50
GDP:
News Media:

Lisa Mataloni
(202) 606-5304
Jeannine Aversa (202) 606-2649

gdpniwd@bea.gov

GROSS DOMESTIC PRODUCT: THIRD QUARTER 2015 (ADVANCE ESTIMATE)
Real gross domestic product -- the value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production, adjusted for price
changes -- increased at an annual rate of 1.5 percent in the third quarter of 2015, according to the
"advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP
increased 3.9 percent.
The Bureau emphasized that the third-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see the box on page 2 and
"Comparisons of Revisions to GDP" on page 4). The "second" estimate for the third quarter, based on
more complete data, will be released on November 24, 2015.
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), state and local government spending, nonresidential fixed
investment, exports, and residential fixed investment that were partly offset by negative contributions
from private inventory investment. Imports, which are a subtraction in the calculation of GDP,
increased.
Real GDP increased 1.5 percent in the third quarter, after increasing 3.9 percent in the second.
The deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory
investment and decelerations in exports, in nonresidential fixed investment, in PCE, in state and local
government spending, and in residential fixed investment that were partly offset by a deceleration in
imports.

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are
in chained (2009) dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site.

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.5 percent in the third quarter, compared with an increase of 3.6 percent in the
second.
Current-dollar GDP -- the market value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production -- increased 2.7 percent, or
$121.1 billion, in the third quarter to a level of $18,034.8 billion. In the second quarter, current-dollar
GDP increased 6.1 percent, or $264.4 billion.
Disposition of personal income
Current-dollar personal income increased $171.6 billion in the third quarter, compared with an
increase of $139.5 billion in the second. The acceleration in personal income primarily reflected an
acceleration in wages and salaries and an upturn in farm proprietors’ income that were partly offset by a
deceleration in personal interest income.
Personal current taxes increased $15.8 billion in the third quarter, compared with an increase of
$27.3 billion in the second.
Disposable personal income increased $155.9 billion, or 4.8 percent, in the third quarter,
compared with an increase of $112.2 billion, or 3.4 percent, in the second. Real disposable personal
income increased 3.5 percent, compared with an increase of 1.2 percent.
Personal outlays increased $136.6 billion in the third quarter, compared with an increase of
$182.3 billion in the second.
Personal saving -- disposable personal income less personal outlays -- was $636.7 billion in the
third quarter, compared with $617.5 billion in the second.
The personal saving rate -- personal saving as a percentage of disposable personal income -was 4.7 percent in the third quarter, compared with an increase of 4.6 percent in the second. For a
comparison of personal saving in BEA's national income and product accounts with personal saving in
the Federal Reserve Board's financial accounts of the United States and data on changes in net worth, go
to www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy." For information on revisions, see
"Revisions to GDP, GDI, and Their Major Components."

-2-

BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

*

*

*

Next release -- November 24, 2015 at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2015 (Second Estimate)
Corporate Profits: Third Quarter 2015 (Preliminary Estimate)

*

*

*

Release Dates in 2016
Estimate

2015: IV | 2015 annual

2016: I

2016: II

2016: III

Gross Domestic Product
Advance
Second
Third

January 29

April 28

July 29

October 28

February 26

May 27

August 26

November 29

March 25

June 28

September 29

December 22

Corporate Profits
Preliminary
Revised

…

May 27

August 26

November 29

March 25

June 28

September 29

December 22

-3-

Comparisons of Revisions to GDP
Current quarterly estimates of GDP are released on the following schedule: "Advance" estimates,
based on source data that are incomplete or subject to further revision by the source agency, are released
near the end of the first month following the end of the quarter; as more detailed and more
comprehensive data become available, "second" and "third" estimates are released near the end of the
second and third months, respectively. "Latest" quarterly estimates reflect the results of both annual and
comprehensive revisions, which are typically released in late July.
Annual revisions generally cover at least the 3 most recent calendar years (and the associated
quarters) and incorporate newly available major annual source data. Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving
U.S. economy.
The table below presents the average revisions to the quarterly percent changes in real and
current-dollar GDP for the different estimate vintages. From the advance estimate to the second
estimate (1 month later), the average revision to real GDP growth without regard to sign is 0.5
percentage point, while from the advance estimate to the third estimate (2 months later), it is 0.6
percentage point. From the advance estimate to the latest estimate, the average revision without regard
to sign is 1.2 percentage points. Larger average revisions for the latest estimates reflect the fact that
comprehensive revisions include major improvements to the accounts, such as the incorporation of
BEA's latest benchmark input-output accounts. The current quarterly estimates correctly indicate the
direction of change in real GDP 96 percent of the time, correctly indicate whether GDP is accelerating
or decelerating about 75 percent of the time, and correctly indicate whether real GDP growth is above,
near, or below trend growth about 83 percent of the time.

Revisions to Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages compared

Average

Average
without regard to sign

Standard deviation of revisions
without regard to sign

Real GDP
Advance to second

0.1

0.5

0.4

Advance to third

0.1

0.6

0.5

Second to third

0.0

0.2

0.3

Advance to latest

-0.1

1.2

1.0

Current-dollar GDP
Advance to second

0.1

0.5

0.4

Advance to third

0.2

0.7

0.5

Second to third

0.1

0.3

0.3

Advance to latest

0.1

1.3

1.0

These comparisons are based on the period from 1993 through 2014.

-4-

Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2012

2013

2014

2011
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

2012
I

II

2013
III

IV

Gross domestic product (GDP) .....
2.2
1.5
2.4
4.6
2.7
1.9
0.5
0.1
Personal consumption expenditures .......
1.5
1.7
2.7
1.4
2.4
0.7
1.1
1.1
Goods.......................................................
2.7
3.1
3.3
3.9
4.9
1.1
2.7
2.3
Durable goods ......................................
7.4
5.8
5.9 12.0 11.4
2.8
6.8
8.1
Nondurable goods ................................
0.6
1.9
2.1
0.5
2.0
0.4
0.9 –0.3
Services ...................................................
0.8
1.0
2.4
0.1
1.2
0.5
0.2
0.5
Gross private domestic investment ......... 10.6
4.5
5.4 32.1
9.7 10.2 –1.1 –3.2
Fixed investment ......................................
9.8
4.2
5.3
9.9 14.7
6.9
0.1
6.9
Nonresidential.......................................
9.0
3.0
6.2
9.5 12.2
7.5 –2.1
3.7
Structures ......................................... 12.9
1.6
8.1 13.8 19.9 10.3 –4.0 –7.3
Equipment......................................... 10.8
3.2
5.8
9.4 16.0
8.8 –3.3
7.3
Intellectual property products ...........
3.9
3.8
5.2
6.8
1.9
3.8
1.4
6.8
Residential............................................ 13.5
9.5
1.8 11.7 27.5
3.7 10.7 22.3
Change in private inventories................... ........... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... ..........
Exports.....................................................
3.4
2.8
3.4
4.1
2.7
4.6
2.0 –0.5
Goods...................................................
3.6
2.8
4.4
8.1
1.8
4.7
2.2 –3.8
Services................................................
3.0
2.7
1.2 –4.7
4.8
4.2
1.5
7.5
Imports .....................................................
2.2
1.1
3.8
4.5
2.4
2.0
0.6 –3.8
Goods...................................................
2.1
1.0
4.3
5.5
2.5
1.7
0.6 –4.3
Services................................................
3.0
1.5
1.6
0.0
1.6
3.5
0.7 –0.9
Government consumption expenditures
and gross investment ............................ –1.9 –2.9 –0.6 –1.6 –1.9 –1.9 –1.2 –3.8
Federal ..................................................... –1.9 –5.7 –2.4 –2.6 –0.4 –2.9
0.5 –5.5
National defense................................... –3.4 –6.7 –3.8 –9.5 –3.7 –4.4
0.8 –8.1
Nondefense ..........................................
0.9 –4.0 –0.1 11.4
5.6 –0.4 –0.1 –1.1
State and local.......................................... –1.9 –1.0
0.6 –0.8 –3.0 –1.2 –2.3 –2.6
Addenda:
Gross domestic income (GDI) 1 ................
3.3
1.3
2.6
3.3
7.7
0.6 –0.1
3.5
Average of GDP and GDI .........................
2.7
1.4
2.5
3.9
5.2
1.2
0.2
1.8
Final sales of domestic product................
2.1
1.4
2.4
1.8
3.3
1.4
0.7
1.6
Gross domestic purchases.......................
2.1
1.2
2.5
4.6
2.6
1.5
0.3 –0.5
Final sales to domestic purchasers..........
1.9
1.2
2.5
1.9
3.2
1.1
0.5
1.0
Final sales to private domestic
purchasers............................................
2.9
2.2
3.2
2.8
4.5
1.8
0.9
2.2
Gross national product (GNP)..................
2.1
1.5
2.5
4.9
2.1
1.3
0.6 –0.1
Disposable personal income ....................
3.2 –1.4
2.7
0.2
6.7
3.1 –0.2 10.9
Current-dollar measures:
GDP......................................................
4.1
3.1
4.1
5.2
4.9
3.8
2.7
1.7
GDI .......................................................
5.2
2.9
4.3
3.9 10.0
2.4
2.0
5.2
Average of GDP and GDI .....................
4.6
3.0
4.2
4.5
7.4
3.1
2.3
3.4
Final sales of domestic product ............
4.0
3.1
4.1
2.3
5.6
3.2
3.1
3.1
Gross domestic purchases ...................
3.9
2.7
4.1
5.7
5.1
2.8
1.5
1.6
Final sales to domestic purchasers ......
3.8
2.6
4.1
2.9
5.8
2.2
1.8
2.9
Final sales to private domestic
purchasers ........................................
4.8
3.6
4.7
4.1
6.9
3.1
2.3
4.1
GNP......................................................
4.0
3.2
4.1
5.5
4.2
3.2
2.8
1.5
Disposable personal income ................
5.1 –0.1
4.2
1.6
9.2
4.4
1.1 13.3

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See Explanatory Note at the end of the tables.

-5-

I

II

2014
III

IV

I

II

Line

2015
III

IV

I

II

III

1.9
1.1
3.0
3.8 –0.9
4.6
4.3
2.1
0.6
3.9
1.5
2.5
1.4
1.7
3.5
1.3
3.8
3.5
4.3
1.8
3.6
3.2
6.1
1.2
2.6
3.1
1.1
6.7
4.1
4.1
1.1
5.5
4.5
8.8
2.2
3.2
4.1
2.6 13.9
7.5
6.1
2.0
8.0
6.7
4.8
0.7
2.3
2.6
0.4
3.4
2.4
3.2
0.7
4.3
3.5
0.7
1.5
1.2
3.7
1.4
2.4
3.1
4.3
2.1
2.7
2.6
7.1
5.2 13.7
4.2 –2.5 12.6
7.4
2.1
8.6
5.0 –5.6
4.9
2.6
3.8
5.1
6.0
5.6
7.9
2.5
3.3
5.2
2.9
4.0
1.0
3.5
8.7
8.3
4.4
9.0
0.7
1.6
4.1
2.1
–6.0 11.7 17.9
4.0 19.1 –0.2 –1.9
4.3 –7.4
6.2 –4.0
6.3 –0.8 –3.8 14.7
3.5
6.5 16.4 –4.9
2.3
0.3
5.3
7.8 –3.2
5.2
3.5
7.8
4.8
6.6
6.9
7.4
8.3
1.8
9.1
9.1
4.9 –8.1 –2.8 10.4
3.4 10.0 10.1
9.3
6.1
........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
1.0
4.9
4.2 10.9 –6.7
9.8
1.8
5.4 –6.0
5.1
1.9
0.4
7.5
5.0 14.9 –9.4 12.2
6.0
3.9 –11.7
6.5
0.7
2.2 –0.6
2.4
2.6 –0.3
4.7 –7.1
8.9
7.3
2.3
4.4
0.8
5.5
2.4
1.0
2.8
9.6 –0.8 10.3
7.1
3.0
1.8
1.1
5.3
2.6
0.7
4.7
9.9 –0.8
9.9
7.2
3.2
0.7
–0.6
6.0
1.5
2.7 –6.0
8.2 –0.6 11.9
6.7
2.0
6.6
–4.5
–9.3
–10.3
–7.6
–1.1

–2.0
–5.6
–5.8
–5.4
0.4

–2.2
–5.8
–7.6
–2.6
0.2

–2.7
–6.6
–5.8
–7.9
–0.1

0.0
0.3
–4.6
8.9
–0.2

1.2
–1.2
–0.5
–2.2
2.6

1.8 –1.4
3.7 –5.7
4.5 –10.3
2.5
2.1
0.6
1.3

–0.1
1.1
1.0
1.2
–0.8

–0.5
0.7
1.6
1.8
1.5

2.9
2.0
0.7
1.3
0.9

0.4
1.7
1.5
2.7
1.3

2.7
3.2
4.0
2.5
2.6

0.6
–0.2
0.4
0.5
1.8

4.8
4.7
3.5
4.7
3.6

5.1
4.7
4.3
3.8
3.8

2.9
2.5
2.1
2.9
3.0

3.0
1.6
–15.9

1.6
1.7
2.7

2.1
3.3
2.2

3.8
3.9
0.6

2.2
–1.2
4.0

4.2
4.4
3.0

4.3
4.5
2.7

3.6
1.1
2.3
3.1
3.4
2.9

2.1
3.9
3.0
1.8
2.0
1.7

4.9
2.3
3.6
3.5
4.4
3.1

5.6
4.4
5.0
5.9
4.3
4.5

0.6
2.2
1.4
1.9
2.1
3.4

6.9
7.1
7.0
5.8
6.7
5.6

4.4
3.3
–14.7

2.4
2.7
3.1

3.8
5.3
3.9

5.4
5.7
2.0

4.0
0.4
5.6

6.2
6.8
5.2

2.6
0.0
0.3
–0.5
4.3

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

1.7
0.2
–1.4
2.8
2.6

22
23
24
25
26

0.4
0.5
–0.2
2.5
1.7

0.7 ...........
2.3 ...........
3.9
3.0
3.6
1.5
3.7
2.9

27
28
29
30
31

3.9
1.9
4.7

2.0
–0.2
3.9

3.9
3.2
3.9 ...........
1.2
3.5

32
33
34

6.0
6.8
6.4
6.0
5.4
5.4

2.2
3.0
2.6
2.2
2.8
2.8

0.8
0.5
0.6
–0.1
0.9
0.0

6.1
2.7
2.9 ...........
4.5 ...........
6.2
4.3
5.2
2.7
5.2
4.2

35
36
37
38
39
40

5.8
6.2
3.9

3.8
2.0
4.2

0.4
–0.1
1.9

5.5
4.5
6.1 ...........
3.4
4.8

41
42
43

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
Line

2012 2013 2014 2011
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

Percent change at annual rate:
Gross domestic product ...................................
Percentage points at annual rates:
Personal consumption expenditures ......................
Goods.....................................................................
Durable goods .....................................................
Motor vehicles and parts..................................
Furnishings and durable household equipment
Recreational goods and vehicles.....................
Other durable goods ........................................
Nondurable goods ...............................................
Food and beverages purchased for offpremises consumption .................................
Clothing and footwear ......................................
Gasoline and other energy goods....................
Other nondurable goods ..................................
Services .................................................................
Household consumption expenditures (for
services) ..........................................................
Housing and utilities.........................................
Health care ......................................................
Transportation services....................................
Recreation services .........................................
Food services and accommodations ...............
Financial services and insurance.....................
Other services .................................................
Final consumption expenditures of nonprofit
institutions serving households........................
Gross output of nonprofit institutions ...............
Less: Receipts from sales of goods and
services by nonprofit institutions ..................
Gross private domestic investment ........................
Fixed investment ...................................................
Nonresidential......................................................
Structures ........................................................
Equipment........................................................
Information processing equipment...............
Computers and peripheral equipment......
Other ........................................................
Industrial equipment.....................................
Transportation equipment ............................
Other equipment ..........................................
Intellectual property products ..........................
Software.......................................................
Research and development .........................
Entertainment, literary, and artistic originals
Residential...........................................................
Change in private inventories ..............................
Farm ....................................................................
Nonfarm...............................................................
Net exports of goods and services .........................
Exports...................................................................
Goods..................................................................
Services...............................................................
Imports ...................................................................
Goods..................................................................
Services...............................................................
Government consumption expenditures and
gross investment...................................................
Federal....................................................................
National defense..................................................
Consumption expenditures ..............................
Gross investment .............................................
Nondefense .........................................................
Consumption expenditures ..............................
Gross investment .............................................
State and local .......................................................
Consumption expenditures..................................
Gross investment.................................................

2.2

1.5

2.4

4.6

1.01
0.63
0.53
0.18
0.07
0.23
0.04
0.10

1.16
0.71
0.42
0.11
0.09
0.18
0.04
0.29

1.84 0.94
0.75 0.90
0.43 0.83
0.14 0.50
0.11 0.14
0.14 0.23
0.04 –0.05
0.32 0.08

0.00
0.02
–0.04
0.12
0.38

2012
I

II

2.7

1.9

2013
III

0.1

I

II

1.9

1.1

2014
III

IV

I

II

2015
III

IV

Line

I

II

0.6

3.9

1.5

1

2.86 1.19
0.91 0.25
0.44 0.14
0.11 –0.09
0.10 0.08
0.17 0.13
0.06 0.02
0.47 0.10

3.8

–0.9

4.6

4.3

0.72 0.78
0.63 0.53
0.48 0.58
0.15 0.22
0.04 0.09
0.20 0.19
0.08 0.08
0.14 –0.05

1.74 0.96 1.17
1.39 0.28 0.60
0.64 0.17 0.24
0.23 –0.02 –0.04
0.13 0.07 0.16
0.25 0.12 0.12
0.03 0.00 0.00
0.75 0.11 0.36

2.36
0.70
0.30
0.06
0.07
0.08
0.09
0.40

0.85
0.25
0.19
0.10
0.03
0.04
0.01
0.06

2.60
1.49
0.96
0.41
0.21
0.26
0.08
0.52

2.34
0.91
0.54
0.19
0.10
0.25
0.01
0.37

2.42
1.20
0.57
0.24
0.07
0.17
0.09
0.62

2.19
0.99
0.48
0.13
0.12
0.16
0.07
0.51

2
3
4
5
6
7
8
9

0.05
0.03
0.04
0.17
0.45

0.03 –0.05 0.07 0.02 0.02 0.03
0.03 0.07 0.14 –0.14 0.14 –0.08
0.02 –0.05 –0.17 0.22 –0.02 –0.18
0.25 0.11 0.28 –0.04 0.00 0.18
1.09 0.04 0.52 0.20 0.10 0.25

0.15 –0.09 0.12
0.12 0.06 –0.05
0.17 0.08 0.05
0.30 0.07 0.25
0.36 0.68 0.57

0.10 0.03 –0.01 –0.04 –0.04 –0.04 0.14
0.03 –0.06 0.15 0.06 0.15 –0.02 0.14
0.03 –0.01 –0.05 0.01 0.18 0.11 –0.01
0.24 0.11 0.43 0.34 0.18 0.06 0.36
1.66 0.61 1.11 1.42 1.95 0.94 1.23

0.00
0.05
0.05
0.41
1.20

10
11
12
13
14

0.26
0.01
0.25
0.03
0.05
0.11
–0.28
0.09

0.42
0.06
0.11
0.06
0.05
0.07
0.05
0.02

1.06 0.15 0.37 –0.15 0.08
0.14 –0.14 –0.42 0.45 0.15
0.31 0.51 0.59 –0.13 0.13
0.10 0.02 –0.08 0.16 0.05
0.07 0.01 0.01 0.12 0.02
0.13 0.08 0.19 0.08 0.09
0.06 –0.30 –0.25 –0.69 –0.39
0.24 –0.01 0.33 –0.14 0.04

2.00 1.09 1.20 1.22
0.22 0.43 –0.10 0.15
0.80 0.52 0.34 0.45
0.13 0.07 0.14 0.12
0.15 –0.05 0.06 –0.06
0.26 0.12 0.31 0.11
0.05 0.00 0.12 0.24
0.40 0.01 0.32 0.22

15
16
17
18
19
20
21
22

0.12
0.21

0.03
0.09

0.04 –0.12
0.10 0.27

0.09
1.52
1.38
1.05
0.32
0.58
0.11
0.03
0.07
0.11
0.22
0.14
0.15
0.09
0.04
0.01
0.33
0.14
–0.13
0.27
0.08
0.46
0.34
0.12
–0.38
–0.30
–0.09

0.06
0.70
0.64
0.38
0.04
0.19
0.07
0.02
0.05
–0.03
0.15
0.01
0.15
0.06
0.08
0.01
0.27
0.06
0.19
–0.13
0.20
0.38
0.26
0.11
–0.18
–0.14
–0.04

0.07
0.87
0.82
0.77
0.23
0.34
0.07
–0.02
0.08
0.09
0.17
0.01
0.20
0.11
0.08
0.01
0.05
0.05
–0.02
0.07
–0.18
0.46
0.41
0.05
–0.63
–0.59
–0.05

–0.38
–0.15
–0.18
–0.10
–0.08
0.03
0.05
–0.02
–0.22
–0.09
–0.14

–0.58
–0.46
–0.34
–0.27
–0.07
–0.12
–0.08
–0.04
–0.12
–0.04
–0.08

–0.11
–0.18
–0.18
–0.14
–0.04
0.00
0.01
–0.01
0.07
0.06
0.01

–0.01 0.54 0.73 0.48
–0.31 0.28 0.01 –0.15
–0.01 –0.13 0.44 0.24
–0.03 0.10 0.09 0.08
0.08 0.04 –0.08 0.16
0.12 0.13 –0.14 0.05
–0.03 0.39 0.24 0.00
0.16 –0.27 0.17 0.10

0.15
0.44

0.35
0.08

0.02
0.27

0.38
4.16
1.36
1.08
0.34
0.49
–0.04
–0.05
0.01
0.29
0.49
–0.25
0.26
0.15
0.07
0.03
0.28
2.80
0.05
2.75
–0.21
0.56
0.76
–0.20
–0.76
–0.76
0.00

0.30
1.47
2.00
1.37
0.48
0.81
0.37
0.14
0.22
–0.05
0.14
0.36
0.07
0.03
0.03
0.02
0.63
–0.53
–0.30
–0.23
–0.02
0.37
0.18
0.19
–0.40
–0.35
–0.05

–0.26
1.53
0.98
0.88
0.27
0.47
–0.08
–0.05
–0.03
0.16
0.17
0.22
0.14
0.10
0.04
0.00
0.10
0.56
–0.12
0.68
0.28
0.61
0.44
0.17
–0.33
–0.23
–0.10

0.25
–0.18
0.00
–0.27
–0.12
–0.21
–0.12
–0.13
0.01
–0.14
–0.07
0.13
0.05
0.00
0.05
0.00
0.27
–0.18
–0.29
0.11
0.16
0.27
0.20
0.06
–0.10
–0.09
–0.02

–0.21
–0.51
1.03
0.46
–0.21
0.41
0.25
0.17
0.09
0.11
0.14
–0.09
0.26
0.12
0.12
0.01
0.57
–1.54
0.15
–1.69
0.58
–0.07
–0.37
0.30
0.65
0.62
0.03

0.03
1.05
0.77
0.51
–0.16
0.38
0.17
0.06
0.12
–0.08
0.12
0.16
0.30
0.13
0.16
0.01
0.26
0.28
0.53
–0.24
–0.01
0.12
0.03
0.09
–0.13
–0.15
0.02

0.32
0.78
0.40
0.14
0.30
–0.04
–0.05
–0.08
0.03
–0.12
0.37
–0.25
–0.13
–0.15
0.01
0.01
0.27
0.38
0.15
0.23
–0.24
0.64
0.67
–0.02
–0.89
–0.72
–0.16

0.00
2.07
0.59
0.44
0.46
–0.22
0.10
0.05
0.05
0.02
–0.10
–0.24
0.20
0.14
0.06
0.00
0.15
1.48
0.13
1.35
0.16
0.55
0.45
0.10
–0.39
–0.35
–0.04

0.17
0.71
0.79
1.05
0.11
0.80
–0.10
0.05
–0.14
–0.07
0.49
0.47
0.13
0.09
0.03
0.02
–0.26
–0.08
0.04
–0.12
1.26
1.42
1.31
0.11
–0.16
–0.09
–0.07

–0.40
–0.38
0.91
1.00
0.50
0.20
0.08
–0.14
0.22
0.25
–0.05
–0.09
0.30
0.14
0.14
0.02
–0.09
–1.29
–0.26
–1.03
–1.39
–0.95
–0.94
–0.01
–0.44
–0.61
0.17

0.33
1.99
0.87
0.56
0.00
0.38
0.28
0.05
0.24
0.18
0.07
–0.16
0.19
0.13
0.04
0.01
0.31
1.12
0.09
1.03
–0.24
1.28
1.09
0.20
–1.52
–1.30
–0.22

0.20
1.22
1.23
1.12
–0.05
0.92
–0.14
0.02
–0.15
0.11
0.58
0.37
0.25
0.17
0.07
0.01
0.11
–0.01
0.08
–0.09
0.39
0.24
0.55
–0.31
0.15
0.13
0.02

0.45
0.36
0.39
0.09
0.12
–0.30
0.32
–0.02
0.34
–0.07
–0.14
–0.41
0.27
0.10
0.15
0.02
0.31
–0.03
–0.05
0.02
–0.89
0.71
0.36
0.35
–1.60
–1.29
–0.31

0.20
1.39
0.52
0.20
–0.22
0.14
–0.07
–0.10
0.03
–0.02
0.18
0.05
0.29
0.16
0.12
0.01
0.32
0.87
0.10
0.77
–1.92
–0.81
–1.10
0.30
–1.12
–0.93
–0.18

0.20
–0.97
0.47
0.27
–0.11
0.31
0.28
0.02
0.26
–0.06
0.21
–0.12
0.07
0.03
0.05
0.00
0.20
–1.44
0.01
–1.45
–0.03
0.24
0.06
0.18
–0.27
–0.09
–0.18

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

–0.31
–0.21
–0.53
–0.53
0.00
0.32
0.35
–0.03
–0.10
–0.05
–0.05

–0.40
–0.03
–0.20
0.00
–0.20
0.16
0.17
–0.01
–0.36
–0.11
–0.25

–0.39
–0.24
–0.23
–0.18
–0.05
–0.01
0.00
–0.01
–0.14
–0.09
–0.05

–0.22
0.04
0.04
0.11
–0.07
0.00
0.02
–0.03
–0.26
–0.05
–0.21

–0.75
–0.45
–0.42
–0.28
–0.14
–0.03
–0.02
–0.01
–0.30
–0.10
–0.20

–0.88
–0.75
–0.53
–0.45
–0.07
–0.23
–0.15
–0.08
–0.12
–0.07
–0.06

–0.38
–0.43
–0.28
–0.18
–0.10
–0.16
–0.12
–0.04
0.05
0.00
0.05

–0.42
–0.44
–0.36
–0.42
0.06
–0.07
–0.06
–0.02
0.02
0.01
0.01

–0.51
–0.49
–0.27
–0.24
–0.03
–0.23
–0.20
–0.03
–0.01
0.07
–0.08

0.00
0.02
–0.21
–0.03
–0.18
0.23
0.24
–0.01
–0.03
0.07
–0.10

0.21 0.33
–0.08 0.26
–0.02 0.19
–0.12 0.23
0.10 –0.04
–0.06 0.07
–0.05 0.07
–0.01 0.00
0.29 0.07
0.11 0.05
0.19 0.02

–0.26
–0.41
–0.47
–0.43
–0.04
0.06
0.02
0.04
0.15
0.06
0.09

–0.01 0.46 0.30
0.08 0.00 0.02
0.04 0.01 –0.06
0.13 –0.03 –0.02
–0.09 0.05 –0.04
0.03 –0.01 0.08
0.04 –0.04 0.05
0.00 0.03 0.03
–0.09 0.46 0.29
0.06 0.04 0.17
–0.14 0.42 0.12

52
53
54
55
56
57
58
59
60
61
62

See Explanatory Note at the end of the tables.

-6-

0.26 –0.19 –0.05
0.05 –0.15 0.27

0.09
0.09

1.51 0.65 1.08 1.34
0.30 0.54 –0.17 –0.13
0.38 –0.25 0.63 0.57
0.00 0.16 0.08 0.14
0.10 0.08 –0.03 0.13
0.27 –0.05 0.28 0.17
0.23 –0.10 0.04 0.16
0.23 0.26 0.24 0.30
0.14 –0.04
0.31 –0.44

0.03
0.36

2.1

III

3.0

1.63 0.45
1.11 0.26
0.79 0.20
0.28 0.05
0.13 –0.07
0.32 0.18
0.06 0.04
0.32 0.06

0.5

IV

0.09 –0.06 –0.15
0.28 0.39 0.05

0.03 –0.02
0.05 0.19
0.02
0.85
0.83
0.53
0.18
0.03
–0.08
0.11
–0.18
0.26
–0.07
–0.09
0.33
0.11
0.21
0.01
0.30
0.02
–0.09
0.11
0.18
0.64
0.55
0.10
–0.46
–0.41
–0.05

23
24

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2014

2014

2014

2015

2014

2015

Line

2015
2014

1
Gross domestic product (GDP) ....................
2 Personal consumption expenditures ......................
3 Goods.....................................................................
4
Durable goods .....................................................
5
Motor vehicles and parts .................................
6
Furnishings and durable household
equipment ....................................................
7
Recreational goods and vehicles.....................
8
Other durable goods ........................................
9
Nondurable goods ...............................................
10
Food and beverages purchased for offpremises consumption.................................
11
Clothing and footwear......................................
12
Gasoline and other energy goods....................
13
Other nondurable goods ..................................
14 Services .................................................................
15
Household consumption expenditures (for
services) ..........................................................
16
Housing and utilities.........................................
17
Health care ......................................................
18
Transportation services....................................
19
Recreation services.........................................
20
Food services and accommodations ...............
21
Financial services and insurance ....................
22
Other services .................................................
23
Final consumption expenditures of nonprofit
institutions serving households........................
24
Gross output of nonprofit institutions ...............
25
Less: Receipts from sales of goods and
services by nonprofit institutions..................
26 Gross private domestic investment ........................
27 Fixed investment ...................................................
28
Nonresidential .....................................................
29
Structures ........................................................
30
Equipment .......................................................
31
Information processing equipment...............
32
Computers and peripheral equipment......
33
Other ........................................................
34
Industrial equipment ....................................
35
Transportation equipment ............................
36
Other equipment ..........................................
37
Intellectual property products ..........................
38
Software.......................................................
39
Research and development .........................
40
Entertainment, literary, and artistic originals
41
Residential...........................................................
42 Change in private inventories ..............................
43
Farm ....................................................................
44
Nonfarm...............................................................
45 Net exports of goods and services .........................
46 Exports...................................................................
47
Goods..................................................................
48
Services...............................................................
49 Imports...................................................................
50
Goods..................................................................
51
Services...............................................................

III

IV

I

II

III

16,068.8
10,918.6
3,755.2
1,402.5
403.2

16,151.4
11,033.3
3,793.2
1,423.5
407.7

16,177.3
11,081.2
3,803.7
1,430.4
404.1

16,333.6
11,178.9
3,855.0
1,458.3
413.6

16,394.2
11,268.6
3,898.0
1,482.2
418.8

378.3
285.3
118.4
76.5
20.9

156.2
97.7
51.3
27.8
9.5

60.6
89.7
43.1
24.0
5.2

1
2
3
4
5

287.9
290.2
292.3
293.8
298.0
300.1
323.9
327.6
332.5
336.7
340.5
346.6
354.6
359.1
361.1
361.7
366.7
371.3
481.6
490.1
500.4
508.2
518.6
529.0
197.5
198.2
198.6
198.5
201.2
203.6
192.9
193.3
195.7
196.8
200.9
204.1
2,668.2 2,692.2 2,676.6 2,599.7 2,651.8 2,680.0 2,367.8 2,375.2 2,393.7 2,397.8 2,423.0 2,443.7

19.7
31.9
6.4
48.0

3.8
10.5
4.1
25.2

6.1
10.4
3.3
20.7

6
7
8
9

886.5
890.3
893.8
891.5
895.1
899.9
807.5
807.1
805.7
804.1
809.5
809.3
368.9
371.2
374.0
372.3
377.5
380.1
348.4
349.5
355.8
354.8
360.5
362.5
401.1
406.6
371.4
293.7
317.6
318.7
276.8
275.1
280.8
284.8
284.5
286.5
1,011.7 1,024.0 1,037.4 1,042.2 1,061.6 1,081.4
945.0
954.4
961.7
964.1
978.6
995.7
7,917.5 7,961.7 8,081.3 8,153.9 8,250.2 8,343.5 7,144.6 7,163.8 7,240.4 7,277.4 7,325.3 7,373.0

4.1
5.0
2.0
38.7
167.6

5.4
5.7
–0.3
14.6
47.9

–0.2
2.0
2.1
17.1
47.6

10
11
12
13
14

7,595.2
2,142.6
1,954.0
354.5
455.5
750.9
882.7
1,055.0

8,011.7 6,839.5 6,856.2 6,934.9 6,977.6 7,024.3 7,072.5
2,227.7 1,961.2 1,954.8 1,963.5 1,980.5 1,976.7 1,982.7
2,074.1 1,791.6 1,801.0 1,832.9 1,853.8 1,867.5 1,885.7
378.7
323.9
326.2
331.3
334.0
339.8
344.5
469.6
416.2
417.0
422.8
420.7
423.1
420.6
812.2
671.1
674.6
684.8
689.3
701.4
705.8
936.6
722.9
725.6
727.4
727.4
731.4
739.9
1,112.8
954.1
958.2
974.1
974.4
986.8
995.5

161.6
22.3
47.7
15.2
11.6
19.6
8.9
36.7

46.7
–3.8
13.8
5.8
2.4
12.1
4.0
12.5

48.2
6.0
18.2
4.7
–2.5
4.4
8.5
8.7

15
16
17
18
19
20
21
22

322.3
325.6
329.0
325.9
329.0
331.8
305.8
308.4
306.0
300.0
301.2
300.6
1,278.3 1,287.2 1,309.9 1,319.0 1,330.2 1,345.4 1,158.7 1,163.8 1,179.3 1,181.2 1,183.2 1,190.6

5.9
15.9

1.2
1.9

–0.7
7.4

23
24

10.1
140.4
131.9
124.5
34.9
56.7
12.0
–3.0
14.5
14.2
28.6
2.0
32.6
19.2
11.5
2.2
8.4
6.6
–3.0
10.8
–25.0
68.2
60.7
7.4
93.3
85.2
7.3

0.7
34.5
34.1
22.1
7.0
0.9
–3.8
5.2
–8.4
10.9
–3.0
–3.9
13.9
4.8
8.3
0.4
11.6
0.7
–2.8
4.2
6.6
26.2
22.6
3.8
19.6
17.3
2.3

8.0
–41.3
19.7
11.4
–4.7
13.5
13.3
1.0
12.1
–2.6
9.0
–4.9
3.2
1.3
1.9
–0.1
7.8
–56.8
0.4
–58.6
–1.6
9.9
2.5
7.1
11.5
3.9
7.6

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

17,348.1
11,865.9
3,948.4
1,280.2
440.2

956.0
2,860.0
2,782.9
2,233.7
507.0
1,036.7
308.0
79.3
228.7
223.8
272.4
232.6
690.0
313.0
298.3
78.6
549.2
77.1
5.9
71.2
–530.0
2,341.9
1,618.0
723.9
2,871.9
2,388.5
483.4

III

IV

I

II

III

17,522.1
11,949.1
3,987.4
1,295.1
447.7

17,615.9
12,061.4
3,980.1
1,303.5
451.6

17,649.3
12,055.5
3,901.5
1,301.8
447.8

17,913.7
12,228.4
3,978.1
1,326.4
460.4

18,034.8
12,364.1
4,020.6
1,340.6
465.6

7,636.1
2,143.0
1,968.6
357.4
457.5
757.2
890.9
1,061.5

961.6
2,910.2
2,821.8
2,267.0
505.4
1,065.3
304.7
80.4
224.3
229.2
287.6
243.8
696.3
317.7
299.5
79.0
554.8
88.3
8.0
80.3
–514.6
2,360.6
1,641.9
718.7
2,875.2
2,392.7
482.5

7,752.3
2,165.4
2,003.5
364.1
463.8
776.1
897.4
1,081.9

980.9
2,937.2
2,848.7
2,274.1
512.0
1,055.0
318.4
79.6
238.8
226.1
283.9
226.5
707.2
319.4
308.1
79.6
574.6
88.5
5.4
83.1
–545.2
2,349.5
1,616.5
732.9
2,894.6
2,400.0
494.6

7,828.0
2,197.6
2,023.8
366.2
463.5
787.1
904.7
1,085.2

993.1
2,995.9
2,868.6
2,280.7
499.3
1,063.5
316.4
75.0
241.4
224.9
292.2
230.0
717.8
324.1
313.0
80.7
588.0
127.3
9.0
118.3
–551.6
2,257.3
1,517.5
739.8
2,808.9
2,311.7
497.2

7,921.2
2,204.5
2,049.0
373.7
470.2
803.4
920.4
1,099.9

1,001.2
3,025.5
2,897.9
2,297.9
503.8
1,064.6
312.1
79.1
233.0
236.2
289.4
226.8
729.6
326.7
321.1
81.8
600.0
127.5
4.3
123.2
–519.3
2,280.0
1,535.5
744.5
2,799.3
2,299.9
499.5

1,013.6
2,992.0
2,929.8
2,315.8
500.4
1,078.8
323.2
79.5
243.7
233.3
300.3
222.0
736.6
330.1
324.9
81.6
614.0
62.2
5.1
57.1
–523.2
2,265.4
1,513.7
751.8
2,788.6
2,283.7
504.9

15,961.7
10,875.7
3,731.2
1,384.1
396.7

853.6
2,717.7
2,633.8
2,148.3
464.6
1,026.2
326.4
89.0
236.8
208.9
271.8
224.8
659.5
315.0
266.8
78.2
486.4
68.0
3.7
65.0
–442.5
2,086.4
1,443.0
642.9
2,528.9
2,076.5
450.8

856.1
2,758.1
2,663.5
2,176.3
462.3
1,053.1
322.8
90.1
232.2
213.5
286.5
235.4
663.8
319.1
267.1
78.3
488.5
79.9
5.8
74.5
–429.1
2,096.0
1,460.1
635.4
2,525.1
2,074.1
449.4

873.7
2,772.5
2,679.7
2,180.0
467.1
1,040.0
337.6
89.3
247.5
210.8
280.4
217.9
675.0
323.4
272.8
79.2
500.2
78.2
4.2
74.9
–463.6
2,123.9
1,474.3
649.1
2,587.5
2,123.8
462.2

881.4
2,830.2
2,701.4
2,188.6
458.2
1,046.0
334.2
84.3
248.8
210.0
288.1
220.0
687.1
330.6
277.4
79.7
512.4
112.8
7.0
106.8
–541.2
2,091.4
1,429.3
660.6
2,632.5
2,161.1
469.8

882.1
2,864.8
2,735.5
2,210.6
465.2
1,046.9
330.5
89.6
240.3
220.9
285.1
216.1
701.0
335.4
285.7
80.0
524.0
113.5
4.1
111.0
–534.6
2,117.5
1,452.0
664.4
2,652.1
2,178.4
472.1

890.1
2,823.5
2,755.1
2,222.1
460.5
1,060.4
343.8
90.5
252.4
218.3
294.1
211.2
704.1
336.8
287.6
79.9
531.8
56.8
4.5
52.4
–536.2
2,127.5
1,454.5
671.5
2,663.7
2,182.3
479.7

II

III

1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-7-

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2014

2014

2014

2015

2014

2015

Line

2015
2014

52 Government consumption expenditures and
gross investment ..................................................
53 Federal...................................................................
54
National defense .................................................
55
Consumption expenditures..............................
56
Gross investment ............................................
57
Nondefense.........................................................
58
Consumption expenditures..............................
59
Gross investment ............................................
60 State and local ......................................................
61
Consumption expenditures .................................
62
Gross investment ................................................
63 Residual......................................................................
Addenda:
64 Gross domestic income (GDI) 1 ...............................
65 Average of GDP and GDI .......................................
66 Final sales of domestic product ..............................
67 Gross domestic purchases .....................................
68 Final sales to domestic purchasers ........................
69 Final sales to private domestic purchasers.............
70 Gross domestic product ......................................
71 Plus: Income receipts from the rest of the world.....
72 Less: Income payments to the rest of the world .....
73 Equals: Gross national product ..........................
74 Net domestic product..............................................

III

IV

I

II

III

3,152.1
1,219.9
748.2
599.8
148.5
471.6
355.5
116.1
1,932.3
1,601.0
331.3
.............

3,177.4
1,233.1
759.5
610.4
149.1
473.6
357.8
115.8
1,944.3
1,610.5
333.8
.............

3,162.5
1,214.7
738.2
590.4
147.8
476.5
358.6
117.8
1,947.8
1,609.5
338.3
.............

3,149.5
1,218.2
739.0
595.2
143.9
479.2
361.5
117.7
1,931.3
1,599.5
331.8
.............

3,179.2
1,220.7
740.1
595.2
144.9
480.6
362.0
118.6
1,958.4
1,608.4
350.0
.............

3,201.8
1,224.4
738.3
594.9
143.4
486.1
365.8
120.3
1,977.5
1,622.0
355.5
.............

17,560.1
17,454.1
17,270.9
17,878.1
17,800.9
14,648.8
17,348.1
854.3
591.2
17,611.2
14,601.4

17,746.1
17,634.1
17,433.8
18,036.6
17,948.3
14,770.9
17,522.1
869.7
597.8
17,794.0
14,760.6

17,877.8
17,746.8
17,527.4
18,161.1
18,072.6
14,910.1
17,615.9
857.0
592.3
17,880.6
14,831.7

17,901.6
17,775.4
17,522.0
18,200.9
18,073.6
14,924.1
17,649.3
817.0
589.5
17,876.8
14,856.6

18,028.1
17,970.9
17,786.2
18,433.0
18,305.5
15,126.3
17,913.7
845.3
614.7
18,144.3
15,109.3

.............
.............
17,972.5
18,557.9
18,495.7
15,293.9
18,034.8
.............
.............
.............
15,202.7

III

IV

I

II

2,838.3
1,116.3
689.1
548.9
140.0
427.0
319.1
107.8
1,720.8
1,420.9
299.0
–62.6

2,849.2
1,124.7
697.3
556.6
140.5
427.1
319.7
107.3
1,723.5
1,422.4
300.3
–68.4

2,839.0
1,108.3
678.6
539.3
139.1
429.4
320.4
109.0
1,729.3
1,424.8
303.7
–72.6

2,838.5
1,111.3
680.3
544.7
135.3
430.7
321.9
108.8
1,725.9
1,427.0
298.1
–74.2

2,856.9
1,111.3
680.8
543.4
137.1
430.2
320.4
109.8
1,744.1
1,428.5
314.9
–78.4

16,156.8
16,059.2
15,881.7
16,405.8
16,326.3
13,497.7
15,961.7
716.6
495.3
16,186.7
13,394.1

16,274.3
16,171.6
15,978.6
16,498.9
16,409.2
13,569.8
16,068.8
727.3
499.3
16,301.1
13,494.0

16,391.5
16,271.5
16,062.9
16,617.2
16,529.2
13,700.8
16,151.4
717.4
494.8
16,377.7
13,561.3

16,408.6
16,293.0
16,053.8
16,720.8
16,597.7
13,770.1
16,177.3
687.3
494.2
16,371.4
13,573.0

16,437.9
16,385.7
16,209.7
16,870.7
16,747.2
13,901.6
16,333.6
708.5
513.3
16,529.7
13,714.4

III

II

III

2,869.0
–16.6
18.3
12.2
1,112.0
–27.8
0.0
0.7
678.4
–27.5
0.5
–2.4
542.7
–21.6
–1.3
–0.7
135.4
–5.9
1.9
–1.8
433.2
–0.4
–0.5
3.0
322.3
1.2
–1.5
1.9
110.9
–1.6
1.1
1.1
1,755.5
10.7
18.2
11.4
1,435.3
9.5
1.5
6.8
319.5
1.1
16.8
4.7
–83.6 ............. ............ .............
.............
.............
16,329.0
16,932.9
16,868.4
14,010.9
16,394.2
.............
.............
.............
13,760.0

407.3
392.8
370.4
404.4
396.4
415.1
378.3
14.2
5.6
387.4
322.5

29.2
92.7
155.9
149.9
149.6
131.5
156.2
21.2
19.1
158.4
141.4

.............
.............
119.3
62.2
121.2
109.3
60.6
.............
.............
.............
45.7

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74

1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-8-

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2012

2013

2014

2011
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

2012
I

II

2013
III

IV

I

II

2014
III

IV

I

II

2015
III

IV

Gross domestic product (GDP)
1.8
1.6
1.6
0.6
2.1
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
Personal consumption expenditures .....
1.9
1.4
1.4
1.4
2.3
1.2
1.3
2.2
1.4
0.4
1.7
1.4
1.6
2.1
1.2 –0.4
Goods.....................................................
1.2 –0.5 –0.4
0.3
2.1 –0.8
0.2
1.5 –0.9 –3.0
0.9 –0.9 –0.1
1.4 –0.4 –4.6
Durable goods .................................... –1.3 –1.8 –2.3 –2.1 –0.9 –1.8 –2.3 –1.5 –1.1 –2.1 –2.6 –2.3 –2.5 –1.6 –2.3 –3.3
Nondurable goods ..............................
2.4
0.2
0.6
1.4
3.5 –0.4
1.4
2.9 –0.8 –3.4
2.6 –0.2
1.0
2.8
0.6 –5.3
Services .................................................
2.2
2.3
2.3
1.9
2.4
2.3
1.9
2.5
2.5
2.2
2.1
2.6
2.5
2.5
2.0
1.7
Gross private domestic investment .......
1.4
1.5
1.8
0.9
1.6
1.8
1.7
1.0
1.2
2.2
1.4
1.8
2.1
1.1
2.2
1.8
Fixed investment ....................................
1.5
1.6
1.9
1.0
2.1
1.7
1.6
0.9
1.4
2.2
1.6
2.3
2.4
1.1
2.4
1.4
Nonresidential.....................................
1.7
0.8
1.0
1.2
2.7
1.7
1.2
0.2
0.2
1.4
0.7
0.9
0.9
1.1
1.2
0.6
Structures .......................................
4.0
1.6
1.5
4.7
5.0
4.6
1.4 –0.4
1.3
3.1
1.2
2.2
1.2
0.7
1.7
1.0
Equipment.......................................
1.0
0.4
0.7
0.9
1.6
0.3
1.1
1.3 –0.3
0.4
0.3
0.0
0.9
1.5
0.9
1.1
Intellectual property products .........
1.1
0.7
0.9 –0.7
2.6
1.7
1.1 –1.0
0.4
2.0
0.8
1.3
0.6
0.8
1.4 –0.5
Residential..........................................
0.9
5.1
6.1
0.1 –0.7
1.6
3.5
4.0
6.4
5.4
5.5
7.9
8.9
1.0
7.1
4.6
Change in private inventories................. .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ..........
Net exports of goods and services ........ .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ..........
Exports...................................................
0.9
0.2
0.1 –4.2
2.7
1.1 –0.2
1.3
1.3 –2.8
0.7
0.1
3.0
0.0 –1.0 –6.9
Goods.................................................
0.4 –0.5 –0.7 –5.5
2.3
0.3 –0.2
0.6
0.8 –4.2
0.1 –1.0
3.4 –0.9 –2.4 –9.6
Services..............................................
2.0
1.7
1.9 –1.4
3.6
2.8 –0.4
2.9
2.4
0.3
1.8
2.6
2.1
2.2
2.2 –0.7
Imports ...................................................
0.6 –0.8 –0.2 –0.9
4.3 –2.4 –5.7
4.1
0.7 –3.8 –0.8
0.7
3.3 –1.3 –0.9 –6.8
Goods.................................................
0.6 –1.1 –0.5 –0.5
4.6 –3.1 –7.0
4.5
0.6 –4.6 –1.0 –0.1
3.7 –1.7 –1.0 –7.9
Services..............................................
0.7
1.1
1.2 –3.2
2.8
1.0
0.9
2.1
0.7
0.0
0.4
4.6
1.3
0.5 –0.1 –1.3
Government consumption expenditures
1.6
1.6
1.8 –0.5
3.4
0.4
1.2
1.9
1.6
1.0
2.2
3.4
0.9
1.9
2.2 –0.4
and gross investment ..........................
Federal ...................................................
1.0
1.0
1.6 –0.8
2.2
0.9
0.5
0.1
0.7
0.6
1.4
6.1 –1.2
1.9
1.7 –0.2
National defense.................................
1.1
0.6
1.4 –1.2
3.0
0.8
0.5
0.1
0.4
0.0
1.1
4.1
0.2
1.4
1.5 –0.5
Nondefense ........................................
0.9
1.6
2.0
0.0
0.7
1.0
0.6
0.0
1.3
1.5
2.0
9.6 –3.5
2.7
2.0
0.3
State and local........................................
1.9
2.0
1.9 –0.3
4.3
0.1
1.6
3.1
2.2
1.2
2.7
1.7
2.3
2.0
2.5 –0.6
Addenda:
Final sales of domestic product..............
1.9
1.6
1.7
0.6
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.9
1.5
2.2
1.6
0.0
Gross domestic purchases.....................
1.8
1.4
1.5
0.9
2.4
1.2
1.3
1.9
1.4
0.8
1.7
1.8
1.6
1.9
1.5 –0.1
Final sales to domestic purchasers........
1.8
1.4
1.6
1.0
2.5
1.1
1.3
1.9
1.4
0.8
1.7
1.9
1.6
1.9
1.5 –0.2
Final sales to private domestic
purchasers..........................................
1.8
1.4
1.5
1.3
2.3
1.3
1.4
1.9
1.4
0.8
1.7
1.6
1.8
1.9
1.4 –0.1
Gross national product (GNP)................
1.8
1.6
1.6
0.6
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
Implicit price deflators:
GDP....................................................
1.8
1.6
1.6
0.6
2.1
1.8
2.2
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1
Gross domestic purchases .................
1.8
1.4
1.5
1.0
2.4
1.2
1.1
2.1
1.5
0.7
1.6
1.8
1.7
1.9
1.6 –0.1
GNP....................................................
1.8
1.6
1.6
0.6
2.1
1.8
2.1
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1

See Explanatory Note at the end of the tables.

-9-

I

II

Line
III

0.1
2.1
1.2
–1.9
2.2
1.2
–8.7
2.5 –0.2
–2.4 –0.2 –2.2
–11.6
3.8
0.8
1.6
2.1
1.9
–0.4 –1.0
1.5
–0.4 –1.0
1.5
–0.4 –1.0
1.0
–2.3 –2.4
1.4
1.0
0.0
0.2
–1.1 –1.5
2.1
–0.4 –0.8
3.4
.......... .......... ...........
.......... .......... ...........
–9.4 –1.0 –4.3
–12.1 –1.6 –6.2
–3.3
0.2 –0.4
–17.2 –4.2 –3.2
–19.7 –5.1 –3.5
–4.3 –0.2 –2.0

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

–1.6
0.1
–0.6
1.1
–2.6

1.2
0.8
0.3
1.6
1.4

1.1
1.0
0.4
1.8
1.3

22
23
24
25
26

0.1
–1.6
–1.6

2.1
1.5
1.5

1.2
1.3
1.3

27
28
29

–1.6
0.1

1.6
1.3
2.1 ...........

30
31

0.1
–1.6
0.1

2.1
1.2
1.5
1.2
2.1 ...........

32
33
34

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100]
Seasonally adjusted
Line

2012

2013

2014

2014
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

2015
IV

I

II

Line
III

Gross domestic product.........................................................
106.491
108.077
110.701
111.444
112.017
112.196
113.280
113.701
Personal consumption expenditures................................................
105.751
107.550
110.448
110.883
112.047
112.535
113.527
114.437
Goods ...............................................................................................
109.562
112.954
116.656
117.406
118.595
118.924
120.526
121.873
Durable goods...............................................................................
120.804
127.777
135.256
137.050
139.104
139.785
142.503
144.844
Nondurable goods.........................................................................
104.709
106.653
108.858
109.198
110.048
110.238
111.396
112.349
Services............................................................................................
103.905
104.941
107.462
107.751
108.902
109.459
110.180
110.896
Gross private domestic investment ..................................................
131.288
137.226
144.702
146.854
147.623
150.696
152.535
150.338
Fixed investment...............................................................................
118.499
123.507
130.018
131.487
132.288
133.355
135.040
136.011
Nonresidential ...............................................................................
120.246
123.895
131.517
133.235
133.460
133.986
135.336
136.037
Structures..................................................................................
96.550
98.052
106.027
105.491
106.602
104.567
106.157
105.078
Equipment .................................................................................
145.776
150.473
159.269
163.443
161.419
162.344
162.485
164.584
Intellectual property products....................................................
109.603
113.791
119.708
120.498
122.525
124.718
127.235
127.808
Residential ....................................................................................
111.276
121.876
124.014
124.538
127.530
130.642
133.591
135.576
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
123.646
127.105
131.404
132.011
133.770
131.719
133.368
133.994
Imports of goods and services .........................................................
121.534
122.812
127.516
127.327
130.473
132.742
133.730
134.312
Government consumption expenditures and gross investment....
95.224
92.418
91.880
92.235
91.904
91.889
92.483
92.876
Federal..............................................................................................
99.657
93.959
91.676
92.360
91.018
91.265
91.265
91.320
State and local ..................................................................................
92.341
91.383
91.953
92.099
92.408
92.226
93.198
93.806
Addenda:
Final sales of domestic product ........................................................
104.984
106.488
109.031
109.696
110.274
110.212
111.282
112.101
Gross domestic purchases ...............................................................
106.684
108.014
110.744
111.373
112.171
112.870
113.882
114.302
Final sales to domestic purchasers ..................................................
105.217
106.470
109.120
109.674
110.476
110.934
111.934
112.743
Final sales to private domestic purchasers.......................................
107.861
110.191
113.688
114.294
115.398
115.982
117.089
118.010
Gross national product......................................................................
106.811
108.439
111.098
111.883
112.408
112.365
113.452 ...................

See Explanatory Note at the end of the tables.

- 10 -

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100]
Seasonally adjusted
Line

2012

2013

2014

2014
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

2015
IV

I

II

Line
III

Gross domestic product.........................................................
105.220
106.935
108.694
109.049
109.081
109.112
109.685
110.024
Personal consumption expenditures (PCE).....................................
106.121
107.572
109.105
109.441
109.322
108.795
109.391
109.725
Goods ...............................................................................................
106.701
106.200
105.823
106.179
104.924
102.567
103.191
103.140
Durable goods...............................................................................
96.413
94.665
92.494
92.331
91.558
90.993
90.939
90.429
Nondurable goods.........................................................................
111.840
112.031
112.688
113.346
111.818
108.417
109.441
109.667
Services............................................................................................
105.840
108.292
110.818
111.143
111.620
112.051
112.632
113.169
Gross private domestic investment ..................................................
101.900
103.442
105.288
105.528
106.004
105.910
105.652
106.048
Fixed investment...............................................................................
102.062
103.652
105.663
105.951
106.313
106.200
105.946
106.347
Nonresidential ...............................................................................
102.216
102.993
103.977
104.170
104.322
104.211
103.953
104.221
Structures..................................................................................
105.884
107.541
109.120
109.332
109.597
108.951
108.286
108.668
Equipment .................................................................................
99.861
100.290
101.030
101.167
101.442
101.685
101.694
101.735
Intellectual property products....................................................
102.967
103.671
104.618
104.885
104.764
104.479
104.088
104.620
Residential ....................................................................................
101.324
106.458
112.903
113.612
114.896
114.773
114.538
115.495
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
111.970
112.147
112.250
112.615
110.607
107.925
107.661
106.472
Imports of goods and services .........................................................
114.671
113.798
113.566
113.847
111.852
106.685
105.535
104.675
Government consumption expenditures and gross investment....
107.378
109.086
111.057
111.521
111.397
110.959
111.284
111.602
Federal..............................................................................................
106.512
107.562
109.274
109.649
109.600
109.623
109.850
110.110
State and local ..................................................................................
107.985
110.143
112.287
112.809
112.637
111.901
112.290
112.646
Addenda:
PCE excluding food and energy 1 ......................................................
104.741
106.355
107.981
108.232
108.498
108.758
109.264
109.618
Market-based PCE 2 ..........................................................................
105.909
107.031
108.255
108.586
108.348
107.652
108.240
108.524
Market-based PCE excluding food and energy 2 ...............................
104.287
105.543
106.826
107.058
107.242
107.418
107.903
108.201
Final sales of domestic product ........................................................
105.239
106.963
108.747
109.111
109.121
109.150
109.730
110.069
Gross domestic purchases ...............................................................
105.805
107.319
108.982
109.325
109.304
108.864
109.271
109.613
Final sales to domestic purchasers ..................................................
105.824
107.344
109.033
109.383
109.341
108.896
109.308
109.651
Final sales to private domestic purchasers.......................................
105.423
106.902
108.528
108.855
108.830
108.384
108.814
109.161
Gross national product......................................................................
105.344
107.058
108.809
109.163
109.191
109.208
109.778 ...................
Implicit price deflators:
Gross domestic product ................................................................
105.214
106.929
108.686
109.044
109.067
109.099
109.674
110.007
Final sales of domestic product ....................................................
105.239
106.963
108.747
109.107
109.117
109.146
109.726
110.065
Gross domestic purchases ...........................................................
105.800
107.313
108.974
109.320
109.291
108.852
109.260
109.597
Final sales to domestic purchasers...............................................
105.824
107.344
109.033
109.380
109.338
108.892
109.304
109.647
Gross national product..................................................................
105.338
107.052
108.800
109.158
109.177
109.195
109.768 ...................

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished
without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See Explanatory Note at the end of the tables.

- 11 -

Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014 Line

Gross domestic product (GDP)...........................................
4.7
4.1
1.0
1.8
2.8
3.8
3.3
2.7
1.8 –0.3 –2.8
2.5
1.6
2.2
1.5
2.4
Personal consumption expenditures (PCE)..................................
5.3
5.1
2.6
2.6
3.1
3.8
3.5
3.0
2.2 –0.3 –1.6
1.9
2.3
1.5
1.7
2.7
Goods ............................................................................................
7.9
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.1
2.7
3.1
3.3
Durable goods............................................................................ 12.8
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.1
7.4
5.8
5.9
Nondurable goods......................................................................
5.0
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.8
0.6
1.9
2.1
Services.........................................................................................
3.9
5.0
2.4
1.9
2.2
3.2
3.2
2.7
2.0
0.8 –0.9
1.2
1.8
0.8
1.0
2.4
Gross private domestic investment...............................................
8.4
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
5.2 10.6
4.5
5.4
Fixed investment............................................................................
8.8
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.3
9.8
4.2
5.3
Nonresidential ............................................................................
9.7
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.7
9.0
3.0
6.2
Structures...............................................................................
0.1
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.3 12.9
1.6
8.1
Equipment .............................................................................. 12.5
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 13.6 10.8
3.2
5.8
Intellectual property products................................................. 12.4
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
3.6
3.9
3.8
5.2
Residential .................................................................................
6.3
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0 –21.2 –2.5
0.5 13.5
9.5
1.8
Change in private inventories ........................................................ ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... ........... ..........
Net exports of goods and services................................................ ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... ........... ..........
Exports ..........................................................................................
2.6
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7 –8.8 11.9
6.9
3.4
2.8
3.4
Goods ........................................................................................
4.2 10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1 –12.1 14.4
6.5
3.6
2.8
4.4
Services ..................................................................................... –1.4
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8 –1.1
6.8
7.6
3.0
2.7
1.2
Imports........................................................................................... 10.1 13.0 –2.8
3.7
4.5 11.4
6.3
6.3
2.5 –2.6 –13.7 12.7
5.5
2.2
1.1
3.8
Goods ........................................................................................ 12.8 13.1 –3.2
3.7
4.9 11.2
6.7
5.9
1.8 –3.7 –15.8 14.9
5.8
2.1
1.0
4.3
Services ..................................................................................... –3.0 12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7 –3.8
3.8
4.0
3.0
1.5
1.6
Government consumption expenditures and gross investment.
3.4
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.0 –1.9 –2.9 –0.6
Federal...........................................................................................
2.0
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.4 –2.7 –1.9 –5.7 –2.4
National defense ........................................................................
1.5 –0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
5.4
3.2 –2.3 –3.4 –6.7 –3.8
Nondefense................................................................................
2.7
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.4
0.9 –4.0 –0.1
State and local...............................................................................
4.2
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.3 –1.9 –1.0
0.6
Addenda:
Gross domestic income (GDI) 1 ......................................................
4.4
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.2
3.3
1.3
2.6
Average of GDP and GDI ..............................................................
4.5
4.4
1.0
1.6
2.5
3.8
3.4
3.3
0.9 –0.6 –2.7
2.6
1.9
2.7
1.4
2.5
Final sales of domestic product .....................................................
4.7
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.1
1.7
2.1
1.4
2.4
Gross domestic purchases ............................................................
5.5
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3 –3.8
2.9
1.6
2.1
1.2
2.5
Final sales to domestic purchasers ...............................................
5.6
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9 –3.1
1.5
1.7
1.9
1.2
2.5
Final sales to private domestic purchasers....................................
6.1
5.5
1.7
1.3
3.3
4.4
4.2
2.8
1.3 –1.7 –4.6
1.9
2.9
2.9
2.2
3.2
Gross national product...................................................................
4.8
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –2.9
2.8
1.8
2.1
1.5
2.5
Real disposable personal income..................................................
3.3
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.4
1.0
2.5
3.2 –1.4
2.7
Price indexes:
Gross domestic purchases ........................................................
1.6
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9 –0.2
1.5
2.4
1.8
1.4
1.5
Gross domestic purchases excluding food and energy 2 ............
1.5
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.8
1.8
1.5
1.6
GDP ...........................................................................................
1.4
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.1
1.8
1.6
1.6
1.5
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
0.5
1.4
1.9
1.8
1.7
1.7
GDP excluding food and energy 2...............................................
PCE............................................................................................
1.5
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.5
1.9
1.4
1.4
1.3
1.7
1.8
1.7
1.5
1.9
2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.9
1.5
1.5
PCE excluding food and energy 2 ...............................................
Market-based PCE 3 ...................................................................
1.4
2.4
1.9
1.1
1.9
2.4
2.8
2.7
2.5
3.4
0.4
1.5
2.5
1.8
1.1
1.1
1.2
1.5
1.8
1.5
1.4
1.7
2.0
2.2
2.0
2.3
1.9
1.0
1.4
1.8
1.2
1.2
Market-based PCE excluding food and energy 3 ........................

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 12 -

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2011

2012

2013

2014

2015

Line

Line
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

I

II

III

IV

I

II

III

IV

I

II

III

IV

I

II

III

Gross domestic product (GDP) ........................................
1.7
2.8
2.5
2.4
1.3
1.1
0.9
1.5
2.5
1.7
2.6
2.9
2.5
2.9
2.7
2.0
Personal consumption expenditures (PCE) ...............................
1.5
1.6
1.6
1.4
1.3
1.3
1.5
1.7
2.3
2.0
2.6
3.0
3.2
3.3
3.3
3.2
Goods..........................................................................................
1.7
2.2
2.7
3.2
2.8
3.0
3.1
3.0
3.2
2.0
3.4
3.7
4.0
4.0
3.7
3.8
Durable goods .........................................................................
4.8
6.3
7.7
8.2
7.2
6.6
6.4
5.6
4.6
3.1
5.9
7.0
7.5
7.3
5.9
5.7
Nondurable goods ...................................................................
0.4
0.4
0.5
0.9
0.8
1.4
1.5
1.9
2.6
1.5
2.2
2.2
2.3
2.4
2.6
2.9
Services ......................................................................................
1.4
1.3
1.0
0.5
0.6
0.5
0.7
1.0
1.8
1.9
2.2
2.7
2.8
3.0
3.0
2.9
Gross private domestic investment ............................................
9.6 14.3 12.7 12.1
3.7
3.1
1.9
5.5
7.5
5.0
6.8
5.3
4.7
7.6
5.7
2.4
Fixed investment .........................................................................
8.4 12.5 12.1
7.8
7.0
4.7
3.6
4.5
4.1
4.4
5.1
6.1
5.5
4.8
4.7
3.4
Nonresidential..........................................................................
9.0 12.4 12.1
6.7
5.2
3.2
1.6
3.0
4.2
5.3
6.2
7.6
5.5
3.9
3.8
2.1
Structures ............................................................................
8.0 22.3 17.2
9.6
4.1 –2.0 –1.7
3.5
6.5 13.0
9.9
5.0
5.0 –1.4
0.2 –0.4
Equipment............................................................................
13.1 14.0 15.2
7.5
6.9
4.6
2.3
2.1
3.9
3.2
5.0 10.2
5.1
4.8
3.3
0.7
Intellectual property products ..............................................
4.1
4.2
4.4
3.5
3.4
4.9
3.1
4.1
3.2
3.3
5.3
5.7
6.5
6.4
7.3
6.1
Residential...............................................................................
6.0 12.8 12.4 13.1 15.7 11.2 12.7 11.2
3.5
0.6
0.9
0.5
5.1
8.4
8.2
8.9
Change in private inventories...................................................... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Net exports of goods and services ............................................. ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Exports........................................................................................
4.2
4.3
3.9
3.3
2.2
1.8
1.8
2.4
5.2
3.1
4.3
3.7
2.4
2.6
1.5
1.5
Goods......................................................................................
4.8
4.6
4.5
4.2
1.2
0.8
1.5
2.2
6.8
4.1
5.2
5.5
2.9
2.2
0.9 –0.4
Services...................................................................................
2.7
3.8
2.5
1.4
4.5
3.8
2.6
2.8
1.6
1.0
2.3 –0.1
1.4
3.3
2.7
5.7
Imports ........................................................................................
3.5
3.3
3.0
2.4
0.3 –0.1
0.7
1.2
2.4
2.9
3.9
3.1
5.4
6.5
4.8
5.5
Goods......................................................................................
3.4
2.7
3.0
2.6
0.1 –0.3
0.6
1.1
2.4
3.3
4.4
3.5
5.8
6.5
4.8
5.2
Services...................................................................................
3.8
6.2
3.4
1.4
1.2
0.7
1.3
1.5
2.4
1.0
1.5
0.9
3.1
6.5
4.9
6.7
Government consumption expenditures and gross investment –3.0 –1.6 –2.0 –1.6 –2.2 –2.9 –2.9 –3.2 –2.9 –1.8 –1.0
0.0
0.4
0.4
0.7
0.7
Federal ........................................................................................
–4.0 –1.4 –2.5 –1.4 –2.1 –4.4 –5.1 –6.6 –6.8 –4.5 –3.4 –1.0 –0.8 –0.6 –0.3 –1.1
National defense......................................................................
–4.1 –1.3 –4.0 –4.3 –3.9 –5.6 –5.9 –8.0 –7.4 –6.0 –4.7 –1.7 –2.9 –1.5 –1.3 –2.7
Nondefense .............................................................................
–3.9 –1.5
0.2
4.0
1.0 –2.3 –3.6 –4.2 –5.9 –2.0 –1.2
0.1
2.7
0.9
1.3
1.4
State and local.............................................................................
–2.3 –1.8 –1.6 –1.8 –2.3 –1.8 –1.4 –0.8 –0.2
0.1
0.6
0.7
1.1
1.0
1.4
1.9
Addenda:
Gross domestic income (GDI) 1 ...................................................
2.1
3.9
3.5
2.8
2.8
0.8
1.4
1.6
1.4
1.6
2.1
3.3
3.3
3.3
2.3 ...........
Average of GDP and GDI ............................................................
1.9
3.3
3.0
2.6
2.1
1.0
1.2
1.5
1.9
1.7
2.3
3.1
2.9
3.1
2.5 ...........
Final sales of domestic product...................................................
1.5
2.5
2.4
1.8
1.7
1.3
1.1
1.3
1.9
1.6
2.3
3.0
2.6
2.4
2.5
2.2
Gross domestic purchases..........................................................
1.7
2.6
2.4
2.3
1.0
0.8
0.7
1.3
2.1
1.7
2.6
2.8
2.9
3.5
3.2
2.6
Final sales to domestic purchasers.............................................
1.5
2.4
2.3
1.7
1.4
1.0
1.0
1.2
1.6
1.6
2.3
3.0
3.0
3.0
3.0
2.8
Final sales to private domestic purchasers .................................
2.6
3.4
3.3
2.5
2.3
1.9
1.9
2.2
2.6
2.4
3.0
3.6
3.6
3.6
3.5
3.3
Gross national product ................................................................
2.0
2.8
2.4
2.2
1.0
0.9
1.0
1.6
2.6
1.9
2.6
2.9
2.4
2.7
2.5 ...........
Real disposable personal income ...............................................
1.7
2.1
3.0
2.4
5.1 –1.0 –1.1 –0.5 –2.9
2.3
2.4
2.5
3.6
3.6
3.1
3.3
Price indexes:
Gross domestic purchases ......................................................
2.4
2.3
1.6
1.5
1.7
1.5
1.4
1.5
1.4
1.5
1.8
1.7
1.2
0.4
0.3
0.3
Gross domestic purchases excluding food and energy 2 .........
1.9
2.0
1.7
1.6
1.7
1.5
1.5
1.5
1.7
1.6
1.7
1.8
1.4
1.1
1.0
0.9
GDP.........................................................................................
1.9
2.0
1.7
1.7
1.9
1.8
1.6
1.5
1.6
1.6
1.9
1.8
1.3
1.0
1.0
0.9
GDP excluding food and energy 2 ............................................
1.9
2.0
1.7
1.6
1.8
1.6
1.6
1.8
1.9
1.8
1.9
1.8
1.5
1.2
1.1
1.1
PCE .........................................................................................
2.7
2.5
1.8
1.6
1.8
1.5
1.3
1.4
1.2
1.3
1.7
1.6
1.1
0.2
0.3
0.3
PCE excluding food and energy 2.............................................
1.9
2.1
1.9
1.7
1.8
1.7
1.5
1.5
1.5
1.4
1.6
1.6
1.4
1.3
1.3
1.3
Market-based PCE 3.................................................................
2.8
2.5
1.7
1.5
1.6
1.3
1.0
1.1
0.9
0.9
1.5
1.3
0.9 –0.1 –0.1 –0.1
Market-based PCE excluding food and energy 3 ......................
1.9
2.0
1.9
1.7
1.5
1.4
1.1
1.1
1.2
1.1
1.3
1.3
1.2
1.1
1.1
1.1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 13 -

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2012

2013

2014

2014
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

Gross domestic product (GDP) .........................................................
Plus: Income receipts from the rest of the world...................................
Less: Income payments to the rest of the world ...................................
Equals: Gross national product ........................................................
Less: Consumption of fixed capital .......................................................
Less: Statistical discrepancy.................................................................
Equals: National income ....................................................................
Compensation of employees.............................................................
Wages and salaries.......................................................................
Supplements to wages and salaries..............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments..............................................................
Rental income of persons with capital consumption adjustment ......
Corporate profits with inventory valuation and capital consumption
adjustments...................................................................................
Net interest and miscellaneous payments ........................................
Taxes on production and imports less subsidies...............................
Business current transfer payments (net) .........................................
Current surplus of government enterprises ......................................
Addenda:

2015
IV

I

Line

II

III

16,155.3
801.5
563.9
16,392.8
2,534.2
–203.3
14,061.9
8,609.9
6,930.3
1,679.6

16,663.2
826.2
575.8
16,913.5
2,632.8
–177.6
14,458.3
8,839.7
7,114.4
1,725.3

17,348.1
854.3
591.2
17,611.2
2,746.7
–212.0
15,076.5
9,248.9
7,477.8
1,771.2

17,522.1
869.7
597.8
17,794.0
2,761.5
–224.0
15,256.5
9,289.9
7,513.9
1,776.0

17,615.9
857.0
592.3
17,880.6
2,784.2
–261.8
15,358.2
9,424.9
7,632.6
1,792.3

17,649.3
817.0
589.5
17,876.8
2,792.7
–252.3
15,336.4
9,487.9
7,682.4
1,805.5

17,913.7
845.3
614.7
18,144.3
2,804.3
–114.4
15,454.3
9,549.2
7,730.2
1,819.0

18,034.8
...................
...................
...................
2,832.1
...................
...................
9,650.2
7,814.2
1,836.0

1
2
3
4
5
6
7
8
9
10

1,241.4
525.3

1,285.1
563.4

1,346.7
610.8

1,357.8
618.4

1,377.9
628.4

1,369.4
637.0

1,377.0
654.1

1,400.9
663.5

11
12

1,998.2
527.7
1,074.0
104.7
–19.3

2,037.4
513.5
1,118.6
119.4
–18.8

2,072.9
532.3
1,155.8
127.3
–18.3

2,161.0
515.8
1,163.5
168.5
–18.4

2,135.5
521.9
1,169.5
118.7
–18.6

2,012.5
561.3
1,169.2
115.6
–16.6

2,083.0 ...................
506.6
505.2
1,175.7
1,180.8
124.9
122.7
–16.1
–16.0

13
14
15
16
17
18

18

Gross domestic income (GDI)...........................................................

16,358.5

16,840.8

17,560.1

17,746.1

17,877.8

17,901.6

18,028.1 ...................

19

Average of GDP and GDI..................................................................

16,256.9

16,752.0

17,454.1

17,634.1

17,746.8

17,775.4

17,970.9 ...................

19

20

Statistical discrepancy as a percentage of GDP...............................

–1.3

–1.1

–1.2

–1.3

–1.5

–1.4

–0.6 ...................

20

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line

Personal income 1 ..............................................................................................................
Compensation of employees ...........................................................................................
Wages and salaries .....................................................................................................
Supplements to wages and salaries............................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments.......
Farm ............................................................................................................................
Nonfarm.......................................................................................................................
Rental income of persons with capital consumption adjustment.....................................
Personal income receipts on assets................................................................................
Personal interest income .............................................................................................
Personal dividend income............................................................................................
Personal current transfer receipts....................................................................................
Less: Contributions for government social insurance, domestic .....................................
Less: Personal current taxes...............................................................................................
Equals: Disposable personal income .............................................................................
Less: Personal outlays ........................................................................................................
Equals: Personal saving...................................................................................................
Personal saving as a percentage of disposable personal income...................................
Addenda:
19 Personal income excluding current transfer receipts, billions of chained (2009) dollars 2
20 Disposable personal income, billions of chained (2009) dollars 2 ....................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

2012

2013

2014

2014

2015

Line

III

IV

I

II

III

13,915.1 14,068.4
8,609.9 8,839.7
6,930.3 7,114.4
1,679.6 1,725.3
1,241.4 1,285.1
61.6
88.8
1,179.8 1,196.3
525.3
563.4
2,123.8 2,060.4
1,288.8 1,271.3
834.9
789.0
2,366.3 2,426.6
951.6 1,106.8
1,511.4 1,672.8
12,403.7 12,395.6
11,457.0 11,805.7
946.7
589.9
7.6
4.8

14,694.2
9,248.9
7,477.8
1,771.2
1,346.7
78.1
1,268.6
610.8
2,117.5
1,302.0
815.5
2,529.2
1,159.0
1,780.2
12,913.9
12,293.7
620.2
4.8

14,774.8
9,289.9
7,513.9
1,776.0
1,357.8
77.2
1,280.6
618.4
2,115.0
1,288.1
826.8
2,556.5
1,162.9
1,792.0
12,982.7
12,377.0
605.7
4.7

14,955.7
9,424.9
7,632.6
1,792.3
1,377.9
74.8
1,303.0
628.4
2,130.6
1,289.8
840.8
2,571.0
1,177.2
1,838.8
13,116.8
12,502.5
614.3
4.7

15,079.8
9,487.9
7,682.4
1,805.5
1,369.4
60.5
1,308.9
637.0
2,145.5
1,282.6
863.0
2,625.8
1,185.8
1,900.1
13,179.8
12,492.2
687.6
5.2

15,219.4
9,549.2
7,730.2
1,819.0
1,377.0
56.9
1,320.1
654.1
2,178.3
1,313.4
864.9
2,651.3
1,190.6
1,927.4
13,292.0
12,674.5
617.5
4.6

15,391.0
9,650.2
7,814.2
1,836.0
1,400.9
64.8
1,336.1
663.5
2,201.2
1,333.2
868.0
2,675.6
1,200.3
1,943.2
13,447.8
12,811.1
636.7
4.7

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

10,882.7
11,688.3

11,149.8
11,836.3

11,164.6
11,863.1

11,329.0
11,998.7

11,447.6
12,114.7

11,489.5
12,151.3

11,588.8
12,256.3

19
20

10,822.3
11,523.1

1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal
current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

- 14 -

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
Seasonally adjusted at annual rates
Line

2012 2013 2014 2011
IV

2012
I

II

2013
III

IV

I

II

2014
III

IV

I

2015

II

III

IV

4.6
10.3
1.7
6.3
16.5
4.2
8.2
4.6
0.7
4.7
28.6
5.4

4.3
2.1
9.1 –0.2
2.4
2.7
0.6
6.8
19.8 –11.3
3.8
2.5
4.3 –26.7
4.3
2.2
1.9
5.5
4.3
2.0
6.9
7.0
5.5
2.6

I

Line

II

III

0.6
–1.8
2.1
–0.9
1.4
0.6
29.8
0.5
5.2
0.5
9.8
0.5

3.9
5.9
2.0
12.2
14.5
3.6
41.5
3.8
9.7
3.8
–4.9
5.1

1.5
–0.3
2.3
2.4
14.9
1.1
1.6
1.5
2.3
1.5
35.2
1.2

1
2
3
4
5
6
7
8
9
10
11
12

Percent change from preceding period
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Gross domestic product (GDP) and related aggregates:
GDP...................................................................................
2.2
Goods ................................................................................
5.0
Services.............................................................................
0.4
Structures ..........................................................................
6.8
Motor vehicle output .......................................................... 12.8
GDP excluding motor vehicle output .................................
2.0
Final sales of computers 1 .................................................. 15.2
GDP excluding final sales of computers ............................
2.2
Research and development...............................................
0.2
GDP excluding research and development .......................
2.3
Farm gross value added 2 .................................................. –11.4
Nonfarm business gross value added 3 ..............................
3.1
Price indexes:
GDP...................................................................................
1.8
GDP excluding food and energy 4 ......................................
1.8
GDP excluding final sales of computers ............................
1.9
Gross domestic purchases ................................................
1.8
Gross domestic purchases excluding food and energy 4 ...
1.8
Gross domestic purchases excluding final sales of
computers to domestic purchasers................................
1.8
Personal consumption expenditures (PCE) .......................
1.9
PCE excluding food and energy 4 .......................................
1.9
Market-based PCE 5...........................................................
1.8
Market-based PCE excluding food and energy 5 ................
1.8

1.5
3.9
0.2
2.5
4.9
1.4
14.7
1.4
2.5
1.5
22.7
1.7

2.4
3.7
1.7
3.6
7.2
2.3
2.1
2.4
1.8
2.4
2.3
3.0

4.6
2.7
15.7
3.6
–0.7
1.2
7.5 12.6
23.1 27.5
4.1
2.1
22.4 19.4
4.5
2.6
3.2 –2.4
4.6
2.8
26.7 –27.0
5.8
3.9

1.9
0.5
5.4
1.2
0.0
0.4
3.6 –1.3
7.1
0.0
1.7
0.5
–2.1 18.8
1.9
0.4
–0.1
0.8
1.9
0.5
–9.4 –29.5
2.7
1.0

0.1
–0.7
0.3
2.2
–2.0
0.1
46.3
–0.1
4.7
0.0
–1.8
0.2

1.9
7.4
–0.4
–0.9
17.0
1.5
13.8
1.9
6.0
1.8
87.6
1.7

1.6
1.7
1.7
1.4
1.5

1.6
1.7
1.7
1.5
1.6

0.6
0.9
0.6
0.9
1.0

2.1
2.6
2.2
2.4
2.4

1.8
1.6
1.8
1.2
1.6

1.5
1.4
1.5
1.1
1.2

1.6
1.4
1.5
1.1
1.2

1.0
1.4
1.6
1.4
1.6

2.5
2.3
2.3
2.2
2.1

1.2
1.2
1.9
1.0
1.7

1.1
3.0
1.2
7.5
0.3
0.2
8.3
8.2
8.5 –13.7
0.9
3.5
11.5 –6.1
1.1
3.0
–0.6
1.4
1.2
3.0
38.4 35.4
1.1
3.5

3.8 –0.9
9.2 –7.3
2.1
1.7
–3.6
4.5
19.9
2.1
3.4 –1.0
4.4
5.1
3.8 –0.9
–0.5
4.3
3.9 –1.1
1.2 –31.8
5.2 –1.2

2.4
1.3
2.4
1.3
1.3

1.5
1.8
1.5
1.9
1.6

1.5
1.8
1.5
1.4
1.6

1.1
1.5
1.2
0.8
1.3

2.0
2.0
2.0
1.7
1.6

1.8
2.2
1.8
1.8
2.1

1.5
1.5
1.5
1.6
1.5

2.2
1.9
2.2
1.9
1.8

1.6
1.8
1.6
1.5
1.7

0.1
0.8
0.2
–0.1
0.8

0.1
0.5
0.2
–1.6
0.2

2.1
1.5
2.1
1.5
1.2

1.2
1.5
1.3
1.3
1.3

13
14
15
16
17

1.4
1.3
1.2
1.3
1.2

2.0
2.2
1.7
1.7
1.1

1.4
1.4
1.7
1.2
1.6

0.8
0.4
1.2
–0.2
0.6

1.8
1.7
1.4
1.6
1.3

1.9
1.4
1.7
0.9
1.2

1.6
1.6
1.4
1.4
1.1

2.0
2.1
2.0
1.9
1.7

1.6
1.2
1.4
1.1
1.3

0.0
–0.4
1.0
–0.9
0.7

–1.6
–1.9
1.0
–2.5
0.7

1.5
2.2
1.9
2.2
1.8

1.3
1.2
1.3
1.1
1.1

18
19
20
21
22

3.0

3.8

–0.9

4.6

4.3

2.1

0.6

3.9

1.5

23

1.13 4.47 1.12 1.64 0.36 –0.24 2.17 0.34 2.23 2.77 –2.30
1.03 –0.40 0.73 –0.01 0.22 0.17 –0.20 0.20 0.16 1.32 1.04
0.27 0.51 0.83 0.25 –0.10 0.15 –0.06 0.58 0.59 –0.27 0.33
0.20 0.52 0.64 0.19 0.00 –0.05 0.43 0.23 –0.41 0.50 0.06
0.01 0.08 0.07 –0.01 0.07 0.16 0.06 0.05 –0.03 0.02 0.02
0.05 0.08 –0.06 0.00 0.02 0.12 0.15 –0.01 0.04 –0.01 0.11

3.07
1.03
0.47
0.44
0.03
0.02

1.79 –0.09
1.24 1.40
0.90 0.18
0.40 0.42
0.13 0.01
0.25 0.06

24
25
26
27
28
29

Contributions to percent change in real gross domestic product

23
24
25
26
27
28
29

Percent change at annual rate:
Gross domestic product .............................................
Percentage points at annual rates:
Goods....................................................................................
Services ................................................................................
Structures..............................................................................
Motor vehicle output ..............................................................
Final sales of computers .......................................................
Research and development...................................................

2.2

1.5

1.48
0.27
0.47
0.31
0.06
0.01

1.17
0.13
0.18
0.13
0.06
0.06

2.4

4.6

2.7

1.9

0.5

0.1

1.9

1.1

2.74 –0.06 –0.57
1.49 1.63 1.28
0.05 0.50 –0.07
0.53 –0.35 0.04
0.02 –0.12 0.10
0.05 0.14 0.13

1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final
consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

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Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2009 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price
level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value
to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the
values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for
any period other than the reference year differ from those of the reference year. A measure of the extent of
such differences is provided by a “residual” line, which indicates the difference between GDP (or other
major aggregate) and the sum of the most detailed components in the table. For periods close to the
reference year, when there usually has not been much change in the relative prices that are used as weights,
the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a
few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003
Survey, pp. 8-16.

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